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Ottawa, December 20, 2001
2001-124

Government Supports Financial Sector Ombudservice 

Secretary of State (International Financial Institutions) Jim Peterson today welcomed the planned creation of the National Financial Sector Ombudservice (NFSO), an initiative being developed by the financial services sector to improve the handling of consumer complaints.

"The NFSO represents an important achievement in the area of consumer protection," said Secretary of State Peterson. "It will provide Canadian consumers of financial services with single-window access to high-quality, independent and impartial ombudsman services in each of the financial services industries involved."

Under the NFSO, consumers whose complaints are not resolved to their satisfaction by their financial institutions will have access to industry-level ombudsman services in each of the banking, life and health insurance, property and casualty insurance, securities and mutual fund industries. An umbrella organization, the NFSO Centre, will coordinate access to these industry-level services and ensure that they comply with standards established by the NFSO.

Representatives from the various financial services industries, in cooperation with the Government and the Joint Forum of Financial Market Regulators, worked together to develop the model for the NFSO.

"Harmonizing and coordinating standards and procedures will benefit not only consumers but also the institutions. It is a clear step towards the development of a more integrated approach to ombudsman services in Canada’s financial sector and I commend all those involved in this initiative. The NFSO is also an excellent example of cooperation among both levels of government and industry," Secretary of State Peterson said.

As a result of this initiative, the Government has suspended its plan to implement the Canadian Financial Services Ombudsman. It will continue to work with the financial services industries and the Joint Forum of Financial Market Regulators to further develop the details of the NFSO model, which is expected to be operational by July 1, 2002.

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